India's construction sector bas become a powerhouse in terms of employment generation, currently it is the second-largest contributor and currently employs around 7.1 crore individuals. This number is projected to grow to 10 crore by the year 2030 states a report published by Knight Frank India and the Royal Institution of Chartered Surveyors (RICS). The report is titled 'Skilled Employment in Construction Sector in India,' the report talks about the sector's growth trajectory, highlighting current levels and
also the gaps in the sector.
Another important fact that report highlights is that the real estate sector's output is about to grow multifold, with estimated increase from USD 650 billion to USD 1 trillion by 2030.
This expansion that we are expecting is a proof to the sector's potential and the pivotal role it plays in the country's economic landscape.
The report further goes on to highlight that technological advancements in the sector's landscape are one of the leading reasons of increased productivity and thus in turn increases the demand for skilled labor. The involvement of technology has not only improved efficiency but has also introduced new avenues that require specialized skills.
The report underlines the significance of skilled manpower to achieve the sector's potential for growth. With aspirations to attain ambitious economic targets, the construction industry aims to amplify its workforce to a staggering 100 million.
With real estate and infrastructure development on the rise, the demand for skilled professionals will constantly rise, from developers, construction firms, and consulting entities. This demand is expected to clash with the existing scenario where the skilled labor remains inadequate. To address this, the report suggests a collaborative approach that involves government initiatives, academic institutions, and training centers.
Data from the National Skill Development Council (NSDC) highlights the construction sector's dominance in employment, accounting for 87% of the skilled and unskilled workforce.
In essence, the Knight Frank-RICS report highlights the vital role that a skilled workforce plays in taking India's construction sector forward. As the sector moves ahead, the need for skilled labor becomes more visible!